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Satin Creditcare Network Ltd (SCNL), the country’s second-largest microfinance company, on Wednesday announced the launch of an online digital lending platform for short- to medium-term personal loans.
Named ‘LoanDost’, users can avail instant loans of up to ₹25,000 in the first phase.
“SCNL has partnered with HSBC India to manage the digital collection of EMI payment using the UPI platform,” the company said in a statement.
Apart from consumers in metro cities, LoanDost will also be available in Tier 2 and 3 cities, it added. The mobile-first platform will target millennials aged between 25 to 35 years who are open to experimenting with technology. The minimum monthly salary requirement of applicants is ₹23,000. After signing up by providing the necessary identification documents, an applicant can receive the loan in his account within 20 minutes.
“LoanDost taps the instant, small-loan requirements of the urban and semi-urban population with a seamless mobile experience,” said HP Singh, Chairman and Managing Director, SNCL.
The company’s in-house technology development centre has designed and developed the application. “Given the increasing adoption of UPI, we believe the solution will enable Satin to not only digitise EMI collections but also reduce its operating costs,” said Divyesh K Dalal, Head of Global Liquidity and Cash Management, HSBC India.
SCNL’s scrip gained 0.45 per cent and closed at ₹210.40 apiece on the BSE.
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